Point of sale (POS) software is used by retailers to calculate sales, manage inventory, and operate the cash drawer. It should be selected based on the retailer’s needs and capabilities. The system should handle sales, manage inventory, run a barcode scanner, and allow for flexible queries. It should also be able to track and record sales data and export information in a universal format. Choosing a stable company is important to avoid unforeseen expenses. A good POS system can be a valuable asset to a business.
Point of sale (POS) software is software used by retailers to calculate sales and operate the cash drawer; is the computerized cash register. The point-of-sale software adds up total sales, calculates state sales tax, calculates change from the bid amount, and automatically adjusts store inventory levels to charge for the amount of inventory sold.
Point of sale software packages can vary widely in capabilities, so the savvy retailer will want to assess their situation and needs before making a decision on selection. The inventory management skills suitable for a multi-store chain are probably too much for a single boutique store, and the care and feeding it would require is probably not worth the extra effort.
At a minimum, your point of sale system should handle sales, manage your inventory database, run a barcode scanner, and allow for the ability to query your inventory and sales database in a flexible way.
Make sure your store system can search the inventory database not just by item description and SKU (storage unit – a unique ID you assign to all the items you carry), but by category, vendor, and keyword. Without keyword search functionality, all employees need to know and remember the exact SKU for each product; a keyword search informs employees that hair bows for little girls, for example, are entered as “hair bows for girls” and not as “hair bows for girls”.
Data storage is cheap these days, so your point of sale software should be able to track and record the date and time of every sale made in your store. This information is useful for a number of different analytical tasks. For example, are the sales of tabletop fountains slowing down because they are just “finished” or because their sales always decrease in the summer months? The more unexpected items turn out to be “seasonal” and your point of sale software should be able to help you determine what the likely demand will be.
If you’re buying your first point-of-sale system, it’s crucial that it’s capable of exporting your information in a universal format. This is philosophically similar to the prenuptial agreement: You need to plan ahead for the day this system no longer meets your needs, and you’ll want to be able to easily move your entire inventory and sales history data into your new system.
Purchase your point of sale system from a company that has a reasonably stable history and anticipated future; orphaned software that breaks down or starts confusing data can cause huge unforeseen expenses.
A poorly designed or simply inappropriate point of sale system can be a daily management headache; a good one who fits well with your business can be your most valuable “employee.
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